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RHG’s Limited (ASX:RHG) has advised shareholders to exercise caution amid competing takeover bids for the company.

 

RHG says it’s required to wait three business days for the Resimac syndicate to provide a counter proposal after it received a late rival bid from Pepper Australia.

 

The update comes just days after the board unanimously recommended a takeover bid from a syndicate including Resimac and Australian Mortgage Acquisition Company. 

 

But Pepper Australia trumped the bid, making a cash offer of 46 cents per share, which was over and above the Resimac pitch by 1.9 cents per share.

 

Under the implementation deed, RHG must allow Resimac the opportunity to consider a counter-proposal.

 

RHG generated a net profit of $16.1 million in the first half of fiscal 2013.